What’s Ahead For Mortgage Rates This Week – August 22, 2016

Last week’s economic news included the NAHB Housing Market Index, Commerce Department releases on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were also released.

Shortages of available single-family homes have driven up home prices and increased competition among homebuyers; short inventories of homes for sale are affecting affordability in many areas, although buyers seem motivated by lower mortgage rates and some easing of mortgage requirements. Analysts have repeatedly said that the only solution to the shortage of homes is building more homes.

Fortunately, the National Association of Home Builders reported that builder sentiment concerning U.S. housing markets increased in August. The HMI moved up to a reading of 60 in August as compared to July’s reading of 58. Readings over 50 indicate that a majority of builders surveyed are confident about housing market conditions.

According to NAHB, home builders continued to face obstacles including shortages of buildable lots and skilled labor. Regulatory issues were also cited by some builders, but overall, builders remain optimistic about housing market conditions.

Housing Starts Up, Building Permits Issued Slip in July

Commerce Department reading s on housing starts and building permits issued were mixed; housing starts rose from July’s reading of 1.186 million permits issued to 1.211 million permits issued in August. July’s reading was the second highest since the recession but was driven by multi-family construction. Building permits were lower in August with a reading of 1.152 million permits issued against July’s reading of 1.153 million permits issued.

Analysts said that under present market conditions, there is little reason for homebuilders to increase single-family home production as current pricing has put many would-be buyers on the sidelines.

Mortgage Rates Mixed, New Jobless Claims Lower

Freddie Mac reported that average rates for 30-year and 15-year fixed rate mortgages dropped last week while the average rate for 5/1 adjustable rate mortgages rose. The average rate for a 30 year fixed rate mortgage was 3.43 percent and the average rate for a 15-year fixed rate mortgage was 2.74 percent; both readings were two basis points lower than for the prior week. The average rate for a 5/1 adjustable-rate mortgage was two basis points higher at 2.76 percent. Average discount points held steady for fixed rate mortgages at 0.50 percent; average discount points for 5/1 adjustable rate mortgages were lower at 0.40 percent.

New Jobless claims fell by 4000 claims to 262,000 new claims, which was lower than analyst expectations of 265,000 new claims and the prior week’s reading of 266,000 new claims. Job security is important to home buyers and signs of strong labor markets can help propel would-be buyers into the market,

What‘s Ahead

This week’s scheduled economic news includes releases on new and existing home sales and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will be released on schedule.

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5752 N Luna Drive Eloy, AZ 85131

$559,000

2 Beds

2.5 Baths

2,009 SqFt

Status Active

MLS # 6786684

Property Type Single Family Residence

Price Type --

. *This Designer Home* has just received special pricing to move fast! The home is complete and ready for an immediate move in, is one of our most popular floor plans. With a spacious Kitchen & raised height ceilings, you won't believe its only 2009sf; it is beautifully upgraded with well thought out finishing touches selected by our design team. Robson Ranch was voted one of the top 50 best master planned communities in the county by Where to Retire magazine. Robson Ranch is centrally located between Phoenix and Tucson and offers world-Class, resort-style amenities including: New Clubhouse w/Ballroom/Auditorium, Championship Golf, Heated Indoor and Outdoor Pools, 16 Pickleball Courts, Tennis, Fitness & Creative Arts Centers, Restaurant, Softball Fields, Dog Park & Much more.

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2663 W Kilarea Avenue Mesa, AZ 85202

$559,000

3 Beds

2 Baths

1,638 SqFt

Status Active

MLS # 6764485

Property Type Single Family Residence

Price Type --

Welcome to PRIME Dobson Ranch living! Nestled in one of Mesa's most desirable master-planned communities, this charming home offers the perfect balance of comfort and convenience. Step inside to be greeted by an open, sun-drenched layout, where natural light pours through every corner. The updated kitchen is a chef's oasis, featuring sleek white quartz countertops, stylish herringbone subway tile backsplash, modern cabinets, and stainless steel appliances. Newer wood floors flow throughout the home, providing a warm and inviting touch to go along with the newly painted to perfection interior walls and split master bedroom design. Relax in your private courtyard or take advantage of the oversized driveway and 2-car garage. The backyard is an entertainer's paradise with a sparkling diving pool, freshly refinished pool deck and a shaded pergola ideal for Arizona evenings. Dobson Ranch amenities include community pools, parks, pickleball courts, and so much more. With easy access to Hwy 101, Hwy 60, and just minutes from ASU, Tempe Town Lake, South Scottsdale, and the thriving Chandler tech corridor, you're never far from the best of the East Valley. This home is a rare find! Don't miss this opportunity - Come see your new home today!

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12467 W Gambit Trail Peoria, AZ 85383

$559,000

2 Beds

2 Baths

1,635 SqFt

Status Active

MLS # 6774761

Property Type Single Family Residence

Price Type --

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12406 W Cougar Drive Sun City West, AZ 85375

$559,000

3 Beds

2 Baths

2,864 SqFt

Status Active

MLS # 6701498

Property Type Single Family Residence

Price Type --

Discover the allure of this charming single-story sanctuary! Captivating front yard featuring a 2 car garage, enclosed patio, & manicures desert landscape with irrigation and accent lighting. Inside, the comfortable living/dining showcases bay windows. The spacious family room enjoys wood-look tile flooring, high ceilings, & arcadia door to the backyard, perfect for merging indoor & outdoor activities. End your gatherings in the centrally located formal dining room w/modern light fixtures. You'll love the meticulously designed kitchen that includes recessed lights, shaker cabinets, mosaic backsplash, granite counters, & skylights. Additional den, next to the family room, ideal for a game or crafting room. The bonus room can be used as a guest bedroom or office. The main bedroom boasts tile floors, bay windows, a sitting area, walk-in closet, & lavish ensuite. Be dazzled by the large outstanding backyard and enjoy the relaxing covered patio, extended seating areas, delightful landscaping, paver pathways, stone features, iron fencing & wonderful views of the 18th hole of Stardust Golf Course. This gem won't last for long!

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116 N 3rd Street Tombstone, AZ 85638

$559,000

3 Beds

3 Baths

1,404 SqFt

Status Active

MLS # 6746565

Property Type Single Family Residence

Price Type --

INVESTORS WELCOME!! THIS HOME HAS 3 - 1 BEDROOM UNITS FULLY FURNISHED FOR SHORT OR LONG TERM RENTAL OR PERSONAL LIVING PURPOSES. VERY COMFORTABLE RANCH STYLE HOME IN ''THE TOWN TOO TOUGH TO DIE''! QUIET STREET, WALK 3 BLOCKS TO ALL THE FUN IN ALLEN STREET! COVERED RV PARKING IS AN ADDITIONAL BONUS OR INCOME PRODUCING BENEFIT! OFF STREET PARKING AVAILABLE FOR GUESTS. WATCH THE BIRDS & ANIMAL PARADE JUST A STONE'S THROW FROM THE GORGEOUS GAZEBO WITH ''FIRE PIT/GRILL'' IN THE BACK YARD. LOWER LIVING SPACE COMES WITH ACCESS TO A MINE AND POSSIBLE GHOST.

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43154 N Outer Banks Drive Anthem, AZ 85086

$559,000

4 Beds

2 Baths

2,153 SqFt

Status Active

MLS # 6753584

Property Type Single Family Residence

Price Type --

Discover this stunning Tuscan-style home, featuring 3 bedrooms plus a den and breathtaking mountain views. Designed with elegance and comfort in mind, this residence offers a formal living room and dining room, perfect for entertaining, while the spacious great-room provides a welcoming space for everyday family living. The home showcases luxurious travertine flooring throughout, complemented by granite countertops and a travertine and marble backsplash in the kitchen, creating a seamless blend of style and sophistication. You'll love the location of this home as it is close to dining, shopping and entertainment not to mention the community pools, parks and clubhouse that are waiting just for you.

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3834 E Cavalry Court Gilbert, AZ 85297

$559,000

5 Beds

3 Baths

2,160 SqFt

Status Active

MLS # 6769305

Property Type Single Family Residence

Price Type --

UPDATED TO FIVE BEDROOMS AND THREE BATHROOMS, GREAT POWER RANCH COMMUNITY, HOME SITS ON A PRIVATE CUL DE SAC, FIRST FLOOR HAS A BEDROOM, FULL BATHROOM, FAMILY ROOM AND SPACIOUS KITCHEN WITH ALL APPLIANCES AND CENTER ISLAND, MASTER SUITE HAS A PRIVATE BATH WITH SEPARATE TUB/SHOWER, DUAL SINKS, AND A WALKIN CLOSET, BACKYARD HAS COVERED PATIO AND A LARGE GRASSY AREA, GARAGE AND LAUNDRY ROOM HAVE CABINETS, COMMUNITY POOLS, CLUBHOUSE, POND AMD MANY PARKS AND WALKING PATHS, TWO NEW A/Cs IN 2021 AND A NEWER WATER HEATER, NICELY LANDSCAPED FRONT YARD AND PRIVACY IN BACKYARD,

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9033 E Ivyglen Circle Mesa, AZ 85207

$559,000

2 Beds

2 Baths

1,379 SqFt

Status Active

MLS # 6776519

Property Type Townhouse

Price Type --

Nestled within the exclusive Mountain Bridge community, this immaculate Villa boasts mountain views and a rare private driveway. The beautifully landscaped outdoors features a covered patio and pergola plus roller shades creating an ideal setting to unwind any time of day and take in breathtaking desert sunsets in the evenings. Low-maintenance desert landscaping, fruit trees, and charming pavered side-yard path, this home seamlessly blends elegance with the beauty of nature. Custom iron screen doors, front and back bring cool breezes and fresh air into a refined interior, where soft, neutral tones, upgraded cabinetry, and a gourmet kitchen with a gas stove and double ovens await. Tile floors flow throughout, complemented by elegant wood shutters and crown molding in the Owner's Suite. The garage offers practical upgrades, including a utility sink, cabinetry, and added insulation in ceiling. Additional insulation added in attic throughout home. This home offers both luxury and comfort, creating a peaceful retreat in the heart of Mountain Bridgeperfect for year-round living or as a lock-and-leave escape. Easy access to hiking, biking, kayaking, tubing and more. Easy drive to Tempe Marketplace, Old Scottsdale, and Scottsdale proper for fun, food, fashion and more! This is your opportunity to enjoy the resort-style living in the gated community of Mountain Bridge.

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1620 W Carol Avenue Mesa, AZ 85202

$559,000

4 Beds

3 Baths

2,051 SqFt

Status Active

MLS # 6785676

Property Type Single Family Residence

Price Type --

A must see home in the heart of Mesa. Step inside this beautifully remodeled home with all new flooring, brand new kitchen cabinets/countertop +appliances, and entertainment area (complete with a stunning fireplace). Bedrooms and bathrooms are fully redone with new vanities, and a gorgeous walk in shower+free standing tub in the primary bathroom. Two of the bedrooms boast en suite bathrooms! New turf in the front and back gives this home a beautiful finish!

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15147 W Double Tree Way Surprise, AZ 85374

$559,000

2 Beds

2 Baths

2,240 SqFt

Status Active

MLS # 6780561

Property Type Single Family Residence

Price Type --

Luxurious expanded Coronado with Magnificent Kitchen and Dining Room. 3 CAR GARAGE!! Lavish Upgraded Baths. Large Front Courtyard. Lots of Privacy at SE Back with Spacious Covered Patio and Decorative Knee Walls. Kitchen with Custom Cabinets, Granite, SS Appliances, Gas Range, Island, Pantry, Bar, Skylight. 20'' tile on the diagonal flow T/O most of the home. Wonderful Primary Suite with wood floors, sitting area with a bay window. Luxurious bathrooms feature custom vanities & updated showers. Bedrooms, kitchen, office have window shutters. Beautiful Expensive Custom Draperies and Cornice Boards in Living, Dining Areas. Create a New Chapter in Your Life in this Great Home on a Great Lot in a Great Location!

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2575 N Tamarisk Street Chandler, AZ 85224

$559,000

3 Beds

2 Baths

1,922 SqFt

Status Active

MLS # 6783649

Property Type Single Family Residence

Price Type --

Welcome to 2575 N Tamarisk—a charming 3-bedroom, 2-bathroom single level home designed for both comfort and convenience! This home has been lovingly owned by one family! This property features two spacious living rooms; one with a wood-burning fireplace, perfect for entertaining or relaxing with family. The kitchen features granite countertops, a convenient breakfast bar, and plenty of cabinet space for all your storage needs. The primary bedroom is a true retreat with direct access to the backyard, offering a seamless indoor-outdoor flow. Step outside to find a sparkling pool, covered patio, and a low-maintenance backyard, perfect for enjoying Arizona's sunny weather year-round. Don't miss this opportunity for a home that combines style, space, and outdoor living! Located with easy access to the 101 and US-60 freeways, Mesa Community College, shopping centers, and beautiful parks.

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22420 N 20th Place Phoenix, AZ 85024

$559,000

3 Beds

2.5 Baths

1,557 SqFt

Status Active Under Contract

MLS # 6778503

Property Type Single Family Residence

Price Type --

Welcome to this stunning, remodeled 3-bedroom + loft, 2.5-bathroom home in the highly sought-after area of North Phoenix, within walking distance to award-winning PV schools! This move-in-ready home showcases pride of ownership with recent upgrades and thoughtful design throughout. The chef's kitchen features white cabinets, granite countertops, stainless steel appliances, and an undermount sink, perfect for cooking and entertaining. Inside, enjoy a spacious floor plan with vaulted ceilings, new waterproof vinyl flooring, fresh interior paint, and upgraded baseboards. The loft has been enhanced with custom built-ins, providing a versatile space for an office, playroom, or relaxation area. Other recent updates include new ceiling fans, blinds, and an updated primary shower for a modern touch. Storage is plentiful with added space in the garage. The resort-style backyard is perfect for entertaining, featuring a sparkling pool, pavered areas, synthetic grass, and an irrigation system, offering low maintenance and year-round enjoyment. With easy access to freeways, shopping, and local amenities, this home combines comfort, convenience, and style in an unbeatable location. Don't miss out on this incredible North Phoenix gem!

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